Atalaya Mining PLC on Thursday reported that its copper production fell and the volume of copper ore mined remained unchanged in the third quarter of the year.

The Nicosia, Cyprus-based Europe-focused copper producer said copper production in the three months to September 30 fell to 12,541 tonnes from 13,453 tonnes in the corresponding quarter a year ago. In the previous quarter, Atalaya produced 14,212 tonnes.

Ore mined was unchanged from the year before at 3.8 million tonnes, 2.6% lower than the 3.9 tonnes mined in the second quarter of 2023.

The company said its balance sheet remained strong, with cash and cash equivalents of EUR 119.0 million as at September 30.

Looking ahead, Atalaya said it remained on track to meet its 2023 production guidance of 53,000 to 54,000 tonnes, with the range now narrowed from the original target of 53,000 to 55,000 tonnes.

Chief Executive Officer Alberto Lavandeira said: ‘’We are pleased to be on track to achieve production within our original guidance range, thanks to steady operational performance during the quarter.

‘Regarding the outlook for copper, we continue to be confident in its strong fundamentals. Even with economic uncertainties, the demand for copper is growing thanks to massive new investments in infrastructure and the energy transition. On the supply side, we have seen very few new large projects approved in recent years, therefore the expectation remains that a substantial deficit is unavoidable.’

Shares in Atalaya were up 2.3% at 311.00 pence each in London on Thursday morning.

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